Senomyx adopts shareholder rights plan

SAN FRANCISCO (MarketWatch) -- Senomyx Inc.
SNMX, +1.47%
said Tuesday evening that it has adopted a shareholder rights plan, in a move aimed at discouraging an unsolicited acquisition of the company. The La Jolla, Calif.-based biotech company said the rights to purchase shares of a new series of preferred stock will be distributed to shareholders of record as of Feb. 21. Senomyx said the rights will be distributed as a non-taxable dividend, expiring ten years from the record date. Senomyx said the adoption of the rights plan is not in response to any particular acquisition proposal.

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